Thursday, November 5, 2015

Dermody and PCCP Break Ground in Lehigh Valley

by Steve Lubetkin,
Dermody Properties and PCCP, an integrated real estate finance and investment management firm, have broken ground on LogistiCenterat 33, a 475,800-square-foot industrial facility at 4200 E. Braden Blvd. in Forks Township, PA.

The spec-built facility has not yet been leased, but there is still very strong demand for distribution capacity in the submarket, and his firm is still looking for more locations, Dermody partner Gene Preston tells exclusively.

“While there has been an increase in speculative development recently, many projects are being leased before completion, and the vacancy rate for class A industrial buildings in the Lehigh Valley is less than 4 percent,” Preston says. “Currently, we are actively looking for more development opportunities in the Lehigh Valley and central Pennsylvania.”

LogistiCenter at 33 is centrally located in the heart of the Lehigh Valley near such corporate neighbors as Weyerhaeuser, Crayola, Victaulic and Mondelez, and is within minutes of Interstate 78 and Route 33 via the new Main Street interchange just west of the site.

Dermody Properties and PCCP broke ground at the site on October 29, and expect construction to be complete in mid-2016.

Upon completion, LogistiCenter at 33 will feature 36 feet of clear height, 226 car parking spaces and 85 trailer parking spaces. R.S. Mowery & Sons is the general contractor for the project, and the firm of Randall Paulson is the project architect.

“PCCP sees this as a compelling opportunity to develop a class A industrial facility with Dermody Properties, a best-in-class developer,” says John Randall, managing director with PCCP. “Additionally, the local industrial market incorporates all of the key fundamentals that promise to attract large user interest. Our goal is to pre-lease the property prior to completion of construction.”

“We are pleased to continue our growth in this important logistics market and to expand our relationship with PCCP,” says Douglas A. Kiersey Jr., president, Dermody Properties. “We believe LogistiCenter at 33 will attract a high-quality logistics customer similar to those in our existing facilities throughout Pennsylvania.”

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